Sensex ends at record close; Eicher Motors leads

01 August, 2017, 22:48 | Author: Celia Hoffman
  • Indian benchmark indices end higher on Monday, SBI slashes savings interest rate

The 30-share Sensex too gained 100.51 points or 0.30 per cent to 32,615.45.

India's largest lender State Bank of India led the pack of gainers, rising 4.46%, after it slashed interest rate on savings account deposits by 50 basis points to 3.5% on balance of up to Rs 1 crore.

Indian shares may open higher on Tuesday after Tech Mahindra and InterGlobe Aviation posted strong quarterly earnings and property developer Sobha said it would consider a share buyback for an aggregate amount up to Rs. 62 crore.

On BSE, 1,056 stocks were advancing whereas 1,618 stocks were lagging when the session ended.

Nifty50 hit a fresh all-time high of 10,128.60, backed by a solid show by auto, metal, pharma and IT stocks.

The Dow rose 0.3 percent to reach another record closing high, while the Nasdaq Composite dropped 0.4 percent and the S&P 500 edged down 0.1 percent.

"Benchmark indices ended with trade at record closing highs for the second straight session, with the Nifty closing above 10,100 for the first time ever on strong auto sales numbers and hopes that RBI will cut interest rates tomorrow (Wednesday)", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

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On the currency front, the rupee strengthened by 11 paise to 64.07-08 to a United States dollar from its previous close at 64.18-19.

DIIs bought shares worth a net Rs 424.67 crore while foreign portfolio investors net sold shares worth Rs 223.12 crore on Friday, as per provisional data.

The Nikkei India Manufacturing Purchasing Managers' Index (PMI) stood at 47.9 in July, down from 50.9 in June, its lowest mark since February 2009.

Asian stocks are broadly higher this morning and the dollar hovered near a 2-1/2 year low versus the euro amid bets that the Federal Reserve may not rush to raise interest rates if inflation continues to be soft.

Notably, the index had seen a surge of over 4 per cent on Monday. On the other hand, consumer durables index fell 0.75 per cent, capital goods 0.37 per cent, power 0.08 per cent and PSU 0.07 per cent.

Maruti Suzuki, Eicher Motors, Hero MotoCorp and Indiabulls Housing were the top gainers on both the indices, while Lupin, ONGC and Bank of Baroda were among the top losers.

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